Nine Energy Service, Inc. has scheduled its third quarter 2020 earnings conference call for Thursday, November 5, 2020 at 9:00 am Central Time. Investors await word about the extent of the COVID-19 pandemic on the company’s bottom line.
During the call, Nine will discuss its financial and operating results for the quarter ended September 30, 2020, which are expected to be released prior to the conference call.
Nine, with operations in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada suffered a more than $24 million second quarter loss reported in August. The company’s adjusted net loss was $33.7 million or $1.13 adjusted basic earnings per share.
Ann Fox, President and CEO of Nine Energy Service at the time blamed the loss on the COVID-19 pandemic.
“In response to the extreme reduction in demand related to the COVID-19 pandemic, North American operators significantly cut capex, either reducing or completely suspending activity during the quarter,” said Fox. “These reductions were most evident in the Permian Basin where total completions have declined by approximately 77% in June from the 2020 high in February. Activity reductions affected revenue and profitability across service lines, but with what we know today, we believe that we are at or near the trough from an activity perspective.”
Source: Nine Energy
